Memphis Light, Gas & Water Division, Memphis, Tenn., hired Sands Capital Management to run $70 million in active domestic large-cap growth equities.
The $1.5 billion pension fund's board approved the hiring at its Nov. 23 meeting, recently released meeting minutes show.
The hiring is the result of the board on Sept. 16 approving a move of its domestic large-cap equity portfolio to an active manager from the current passive manager, the name of which could not be immediately learned.
Investment consultant CBIZ Investment Advisory Services assisted.
Pension fund spokeswoman Angelika Taylor could not be immediately reached for further information.